Aquilius Investment Partners, a Singapore-based real estate investment firm founded by former Blackstone and Partners Group executives, has closed its latest secondaries fund at $750m, according to a report by Bloomberg.

The fund, Aquilius Real Estate Secondary Fund II, builds on the firm’s $400m debut vehicle raised in 2023 and brings its total assets under management to roughly $2bn.

Founded in 2021 by Christian Keiber, a former member of Blackstone’s real estate private equity team, and Bastian Wolff, who previously worked at Partners Group, Aquilius focuses on acquiring stakes in mature real estate funds. Many of its transactions involve U.S. and European investors selling Asian property interests to rebalance portfolios or reallocate capital closer to home.

Aquilius’ primary markets include Australia, India, Japan, and South Korea, while it remains selectively active in China, Hong Kong, and Southeast Asia. Its investor base comprises sovereign wealth funds, pension funds, and family offices from Asia and the Middle East.

The global market for real estate secondaries reached $24.3bn in 2024, according to CBRE Investment Management, reflecting growing demand for liquidity solutions as slower exits and high interest rates reshape private markets.

The fundraising momentum places Aquilius among a growing group of specialist managers benefiting from structural shifts in investor behaviour. Global firms including Blackstone, Ares Management, and Neuberger Berman have all expanded their real estate secondaries platforms in the past year to capitalise on the same trend.

Aquilius, which now employs 30 professionals, aims to continue scaling its platform as private markets investors increasingly seek efficient ways to gain exposure to Asian real assets through secondary transactions.

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